High net worth divorce require careful planning and the representation on an attorney who specializes in, and is experienced in, handling high net worth divorces. Divorce is complicated enough, but once you factor in property, assets, the additional income, and numerous other complicated matters, the process can become staggering and daunting very quickly. If you or your spouse is someone of high net worth, then it’s vital you don’t leave your valuable assets to chance.

New York State’s Equitable Distribution Law
New York State divides assets according to equitable distribution and not evenly. This means in high net worth divorce cases, the split is hardly ever even. “Equitable” here refers to an idea of fairness and does not mean a 50-50 split. Courts take several factors into account when determining how assets are to be distributed including:

• Length of the marriage
• Age and health of each spouse
• Separate property and income of each spouse
• Tax and debt obligations
• Each spouse’s contribution to the marriage before the divorce
• Other financial issues that occurred before the divorce, such as losing money to gambling

With complex assets to be distributed, it is extremely important that you are counseled by an experienced attorney. Due to the complex nature of high net worth divorces, a thorough procedure is required. This includes, but is not limited to:

Asset declaration and valuation: all assets and property must be declared and its value appraised and determined by a professional.

Marital property: marital property, i.e., property or assets acquired after the marriage, including debt, is subject to equitable distribution. There are some exceptions such as inheritances, and personal injury awards.

Separate property: property and assets that were acquired before the marriage are considered separate property and is returned to the original owner.

Other assets: assets like stock options, tax obligations, investments, business assets, retirement assets, etc. will also need to be defined and allocated.

Given the complex nature of high net worth divorces and New York State’s equitable distribution of assets, appropriate steps and procedures to protect your assets are essential. Your attorney must work to negotiate with your spouse to ensure that your property and assets are valued and distributed appropriately.

Leaving such delicate and complex matters to an inexperienced attorney can spell disaster for you. Contact an experienced high net worth divorce attorney like Stephanie. She will negotiate on your behalf to ensure that you receive the best representation that a complex matter like high net worth divorce requires.